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This number of years of employment history is generally required to demonstrate steady income
What is 2 years?
This is the number of comparable properties a customer must present if they do not agree with an appraisal.
What is 3?
Mr. and Mrs. Norris apply for a loan. Mrs. Norris has a credit score of 750 and Mr. Norris has a score of 700. For qualifying purposes, the lender would use this score.
What is 700?
This loan type always requires mortgage insurance
What is FHA?
The acronym ATR stands for this
What is Ability to Repay?
Chapter 7 or 11 Bankruptcy requires, at minimum, this number of years as a waiting period before application.
What is 4 years?
These are three risky features that the Qualified Mortgage standard (QM) protects against
What are Negative Amortization, Balloon Mortgage and Prepayment Penalties?
For underwriting purposes, this is the percentage of a business an individual needs to own in order to be considered self-employed
What is 25%?
This fee will always be present in the prepaids section of the Loan Estimate
What is pre-paid interest?
If 2 credit scores are obtained for a borrower, the lender will use this score
What is the lower score (indicator)?
These are the 3 Real Estate Appraisal valuation methods.
What are Sales Comparison Approach, Cost Approach, and Income Approach?
This is the maximum seller contribution allowed on a second home with an LTV of 65%?
What is 9%?
This is the number of months a customer needs to be employed in order to show "stable" income.
What is 24 months?
If AUS is denied, this is the section of the report you would look at for ideas to remedy the situation
What is Risk/Eligibility & Findings?
This is the age limit of documentation in a mortgage transaction.
What is 120 days?
FNMA and FHLMC require private mortgage insurance on all loans with an LTV ratio greater than this
What is 80%?
This is the abbreviation for the uniform appraisal form
What is URAR?
In order to omit a debt from a DTI calculation, it must have less than this amount of payments left
What is 10?
These are 3 reasons why assets may be required
What are down payment requirements, reserves, and cash to close>
This is the maximum seller concession on a conventional loan with an LTV > 75% and up to 90% on a primary residence
What is 6%?
For a conventional 30-year fixed rate mortgage with an LTV of 84%, the mortgage insurance percent factor is this
What is 12%?
This is the method typically used by appraisers to determine the value of a residential property
What is Sales Comparison Approach?
When the customer’s income is determined to be stable, but he changes employment frequently, we will need this
What is an explanation if the gap is over 30 days?
This is the maximum loan amount for a conventional mortgage on a one-unit primary residence in the state of Alaska
What is $726,525?